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Bitcoin Price Watch: Things Looking Up from Here?

Bitcoin has gained back the $200 it lost yesterday. At press time, the currency is trading for just under $7,100. Nothing huge, but that’s still better than yesterday’s “high” of $6,900.

The major sentiment is that the alleged death cross has failed; bitcoin’s level of resistance has strengthened, and the low points are possibly over and done with. One source suggests that bitcoin’s ongoing slumps may finally be at an end, and recovery is on the way.

Additionally, while the price has shown major vulnerabilities to newfound market trends and news stories, trading and popularity amongst cryptocurrencies in major hubs like Japan and South Korea are remaining strong. Always a good sign, especially as Japan’s behavior has a way of making its way to other regions of the globe and influencing the monetary trends of neighboring countries.

Other analysts, however, are gloomy in their predictions. Tone Vays of “Bitcoin Morning Brief,” for example, explained that investors can expect bitcoin to potentially hit the $7,800 mark this week – not bad considering where it’s been hovering lately, though he later commented that enthusiasts are looking at the “real” $4,900 floor that bitcoin could hit soon after. He states that once bitcoin falls below $6,800, users can expect further declines into the $4,000 range before any recovery is witnessed.

He suggests the current rise bitcoin is exhibiting is something of a fluke, and only likely to last about four days. We’ll simply have to sit back and watch…

Vays isn’t alone in his sentiment, unfortunately. One figure, Harvard economist Kenneth Rogoff, believes bitcoin could fall as low as $100 within the next ten years, and that bitcoin will amount to nothing other than a failed asset.

Rogoff has always been particularly bearish when it comes to bitcoin, and for the most part, he seems to be basing his theory on the idea that bitcoin has been in a continual slump since January. He should know that this is not enough to boost any hypothesis, and that there’s more to look at for determining exactly what enthusiasts should expect within the following decade.

The author of the original source material suggests Rogoff is incorrect, and that the future of bitcoin is looking “pretty good.” For one thing, bitcoin and cryptocurrency demand has not fallen with the prices. It remains in high demand, and continues to stem growing interest and further technological ventures.

Furthermore, the “bitcoin dominance index” is also on the rise, along with the trading volume of bitcoin futures contracts. Sure, it’s likely we’ll see little snafus here and there (the customers of Hong Kong exchange OKEX are probably licking their wounds right about now), but that doesn’t mean the outcome will be bleak. All it suggests is that the technology is changing and adapting. Thus, things aren’t likely to always go according to plan, but over time, kinks are typically removed from the final chain, and investors can take some time to relax.

NVIDIA CEO Jensen Huang also spoke highly of bitcoin’s progress in the last 24 hours, which means we can probably look forward to further price bursts before the currency is knocked down again.

Source: themerkle